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Loan and Interest - Can I claim back tax?

Started by lally, May 14, 2011, 09:25:14 PM

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lally

Hi

We are new to property and being landlords, We have inherited a property, and have had to take out a loan to do the property up. Can I claim back the interest element when I do a tax return?

sgrahams

Yes, only the interest element. You really should get an accountant that is current with what you are doing. Don't forget to get/keep receipts for absolutely everything related as their lots you can claim back, so many I cannot recall the list, just keep[ everything and get your account to okay when he counts your beans. I am not an accountant. IMHO